Equity Stability,Environmental Uncertainty And Investment

Investment behavior is the basis for creating enterprise value.The core of the three major financial decisions of enterprises in investment decision-making is at the core of the strategic position in the development of enterprises.It directly affects whether or not the goals of enterprises can be achieved.High-quality corporate investment behavior can make enterprises invincible.However,in reality,Chinese enterprises generally have problems such as excessive investment scale,low investment efficiency,and outstanding investment risk.As the foundation of enterprise constitution and the core of corporate governance,equity is bound to have an important influence on corporate investment behavior.This article innovatively studies its impact on corporate investment from the perspective of equity stability.At the same time,China's economy has entered a "new normal".The external environmental uncertainty faced by enterprises is increasing day by day,and the uncertainty is increasing day by day.How to better deal with the impact of environmental uncertainty is of great importance.Therefore,this paper studies the investment behavior of enterprises from two levels:internal core governance elements and external environment.This paper through defining the concepts of equity stability,environmental uncertainty and enterprise investment,and summarizing and reviewing the existing literature on the measurement,influencing factors,and economic consequences of the three,it provides a reference for the analysis of the three relationships.On this basis,taking equity stability as the starting point,taking corporate investment behavior as the micro-entry point,and environmental uncertainty as the background for adjustment,The theoretical analysis framework is based on optimal equity structure theory,equity stability theory,information basic theory,resource dependence theory,uncertainty and evasive theory and enterprise investment theory.With this theoretical framework,we can effectively combine equity stability with enterprise investment,environmental uncertainty and enterprise investment,and integrate equity stability,environmental uncertainty and enterprise investment into a unified analysis framework.Analyze and demonstrate the behavior,mechanism of action and relationship of each other.This paper mainly studies three aspects:First,how the equity stability affects the investment behavior of the enterprise,and divides the enterprise investment into three aspects:Investment scale,investment efficiency and investment risk This paper studies the relationship between equity stability and investment scale,investment efficiency and investment risk The paper also studies the relationship between environmental uncertainty and investment scale,investment efficiency and investment risk,and discusses the influence of environmental uncertainty on equity stability and investment.Finally,this paper selects the a-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2008 to 2018 as the research sample,starting from three aspects of enterprise investment,namely investment scale,investment efficiency and investment risk,respectively This paper empirically tests the relationship between equity stability,environmental uncertainty and corporate investment,and draws the following conclusions:The more stable equity,the smaller the scale of new investment,the higher the efficiency of investment,and the lower the risk of investment;The higher the degree of environmental uncertainty,the larger the scale of new investment,the lower the investment efficiency,and the higher the investment risk The positive correlation between Equity Stability and investment efficiency is weakened,while the negative correlation between Equity Stability and investment risk is weakened.The main innovations of this paper are as follows:First,from the unique perspective of equity stability,the impact of equity stability on corporate investment is analyzed,which makes the research on equity structure more abundant and perfect;Secondly,it systematically studies the influence of environmental uncertainty on enterprise investment from three aspects of investment scale,investment efficiency and investment risk,and further studies the regulatory mechanism of environmental uncertainty on equity stability and enterprise investment Enrich and improve the economic consequences of environmental uncertainty research.Through the research on the influence of equity stability on enterprise investment,this paper tries to optimize the investment behavior of enterprise,improve the investment efficiency and reduce the investment risk of enterprise under the circumstance of environment uncertainty Provide some guidance and advice.